13
Nov
The Bank of Ghana has suspended the Foreign Exchange Trading Licence of Consolidated Bank Ghana (CBG). This means that CBG can no longer engage in forex activities. The Bank noted that with effect from 26th November 2024, for a period of one (1) month, in accordance with section 11 (2) of the Foreign Exchange Act, 2006 (Act 723), the Bank can not engage in forex exchange. "This is as a result of a number of breaches of the foreign exchange market regulations, Updated Guidelines for Inward Remittance Services for Payment Service Providers dated November 2023 and the Anti-Money Laundering/Combating the…